How to Apply for First Bank Loan: Requirements, Procedures – First Bank is a renowned financial institution in Nigeria that has existed for over 127 years, dishing out financial support to customers and others who run to them for financial aid. This article brings you information on the various types of loan obtainable at First Bank. It will highlight such areas as first bank fast loan and how to apply, advanced loan, eligibility/requirements for application, and business loan application. For whatever purpose you need a loan, you can get it from the first bank.
With the current instability in the economy, most people seek loans for financial assistance in their businesses for better growth. So for entrepreneurs experiencing financial difficulties in business, all they need do is walk up to First Bank and apply for loan to help achieve their business ideas/plans. They offer loans to customers for a start-up/continuity of their business ideas with a discount interest fee.
How to Apply for First Bank Loan: Requirements, and How To Apply
Applying for a loan from First Bank is a straightforward process that can provide you with the cash you need quickly. But, borrowers should ensure they consider the loan amount and terms before applying and only borrow what they can afford to pay. First Bank loans can also be accessed by dialing the USSD code *894#, FirstMobile app or visiting any First Bank branch.
If you are in emergency situations such as rent fix, school fees or health challenges, applying for a fast loan from First Bank can be of great help. Here is a guide on how to apply fast loan from First Bank:
Step 1: Know How much you need
Be decisive about the amount you wish to borrow and ensure you borrow what you can afford to repay. Visit www.firstbanknigeria.com and select the “loans” tab.
Step 2: Choose the loan option
On the Loans page, First Bank have a list of loan options. For a fast loan, you can consider option like the FirstAdvance loan or the Personal loan.
Step 3: Check your Eligibility status
To be eligible for loan, you need to meet the least needs for age, income and credit scores.
Step 4: Apply for the loan
Once you are certain of the loan amount you need and selected the loan option, click on “Apply Now” to start the application process. You will be asked to provide personal and financial information, such as your name, address, employment status, income, and bank account details.
Step 5: Wait for approval
After submitting your application, you need to wait for approval. First Bank will review your application and credit history to determine your eligibility for the loan. If approved, you will receive the loan amount in your bank account within a few hours.
Prerequisites for First Advance loan with First Bank
The classification of loan depends on the amount of money requested for. The prerequisite for obtaining light loan would be different from that of obtaining a large amount of money from first bank, such loan include business loan which requires large capital. The following is required to get an advanced loan from First Bank
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You must have a First Bank account
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You must have received salary payments in 2-3 months with First Bank
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The phone number you used must be linked to First Bank account
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You must have a good and clean credit score
Documents Required for business loan application at First Bank
These documents are a core of the application, without providing them, the loan may not be granted. The specific documents required for business loans include
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Business registration documents
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Bank statements
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Tax identification number (TIN) certificate
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Audited financial statements (for larger loans)
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Business plan
Procedures on how to apply for First Bank Business loan
As a business owner, if you are seeking for loans to fund your business, First Bank offers several loan products suited to meet the needs of businesses of small scale, medium scale n large scale enterprises. Here is a step-by-step guide on how to apply for a business loan on First Bank:
Step 1: Determine the type of loan you need
First Bank offers different types of loans for businesses, including working capital loans, overdraft facilities, invoice discounting, trade finance, and asset finance. Before applying for loan, it is important to determine the type of loan that is most suitable for your business. Such as FirstGem funds, FirstEdu loan available for school owners who need funds for smooth running of their schools. Contract finance which provides funds for contracts awarded by companies recognized by first bank. SME Products financing with options as import finance, oil and gas, FMCG key distributorship finance, operational vehicles, commercial mortgage etc.
You can find out more about the different loan products offered by First Bank on their website or by visiting a First Bank branch.
Step 2: Gather the needed documents
Once you have determined the type of loan you need, you will need to gather the necessary documents required to apply for the loan.
Step 3: Fill out the loan application form
After gathering all the necessary documents, you can then proceed to fill out the loan application form. The loan application form can be obtained from any First Bank branch or downloaded from the First Bank website. The loan application form will require you to provide information about your business, including your business name, address, and contact details. You will also need to provide information such as the amount of money you need, the purpose of the loan, and the repayment terms you prefer.
Step 4: Submit your application
Once you have completed the loan application form and gathered all the necessary documents, you can then submit your application to any First Bank branch. The loan officer will review your application and documents and may ask you for additional information if needed.
Step 5: Wait for approval
After submitting your loan application, you will need to wait for approval. The approval process can take anywhere from a few days to a few weeks, depending on the type of loan you are applying for and the amount of money you need. Once your loan is approved, you will be notified and given the terms and conditions of the loan.
Conclusion
Applying for loan in First Bank is a straightforward process. By following the steps outlined in this article, you can increase your chance of getting approved for a loan and secure the funds you need to grow your business.